The labor force includes:
a. employed workers but excludes persons who are officially unemployed.
b. employed workers and persons who are officially unemployed.
c. full-time workers but excludes part-time workers.
d. permanent employees but excludes temporary employees.
Ans: b. employed workers and persons who are officially unemployed.
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Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million. If each rancher agrees to sell his or her parcel of land to Mariana for $600,000, Mariana will purchase
A) all five parcels of land and the railway will be built. B) all five parcels of land but the railway will not be built. C) only four parcels of land and the railway will be built. D) no parcels of land and the railway will not be built.
The monetary multiplier is 3 and the change in the monetary base is $100,000. How much will the quantity of money increase?
A) $300,000 B) $200,000 C) $100,000 D) $70,000 E) $33,333
If a product has very few substitutes, demand elasticity is likely to be
A) 1. B) elastic. C) infinitely elastic. D) inelastic.
In the Keynesian range, the:
a. Aggregate supply curve is horizontal. b. Aggregate demand curve is vertical. c. Aggregate demand curve is horizontal. d. Aggregate demand is downward-sloping. e. Aggregate supply is upward-sloping.